LOS ANGELES, Sept. 1, 2005 (PRIMEZONE) -- Notice is hereby given by Glancy Binkow & Goldberg LLP that a Class Action lawsuit was filed in the United States District Court for the Eastern District of New York on behalf of a class (the "Class") consisting of all persons or entities who purchased or otherwise acquired securities of Symbol Technologies, Inc. ("Symbol Technologies" or the "Company") (NYSE:SBL), between May 10, 2004 to August 1, 2005, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action, or to obtain a copy of the Complaint, at (310) 201-9150 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges Symbol Technologies and certain of the Company's executive officers with violations of federal securities laws. Symbol engages in the design, development, manufacture and service of products and systems used in enterprise mobility solutions. The Complaint alleges that, following major accounting scandals between 1998 and 2003, Symbol settled government and private litigation and, as set forth in the Complaint, promised a "new" Symbol Technologies -- one which, in the two years prior to the start of the Class Period, had "implemented various initiatives intended to materially improve its internal controls and procedures, address the systems and personnel issues raised in the course of the restatement and help ensure a corporate culture that emphasizes integrity, honesty and accurate financial reporting." The Company announced that "These initiatives address Symbol's control environment, organization, staffing, policies, procedures, documentation and information systems."
Contrary to these reassurances, Symbol Technologies' internal controls and financial systems were inadequate and inaccurate. During the Class Period, Symbol Technologies was required to: (i) revise financial statements for the first three quarters of 2004; (ii) revise financial projections for much of fiscal 2005 by understating expenses requiring massive charges against earnings; and (iii) acknowledge, finally, that its financial and internal controls were defective and inadequate for the purpose of providing any meaningful and accurate financial projections. Additionally, the Complaint alleges defendants failed to disclose that demand for the Company's products was materially declining such that its earnings guidance was lacking a reasonable basis and therefore materially false and misleading.
As the true information concerning Symbol Technologies was revealed to the market, the share-price inflation caused by Defendants' misrepresentations was removed and the price of Symbol Technologies common stock fell nearly 50% from its Class Period high.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than October 17, 2005, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.